Monthly Update Joint: December 2006(-$89,474.63)
Wow, we are already halfway through January and I just finished updating our joint financial data.
The process of consolidating our data and finding a good starting point for the year has been challenging. Hopefully once we have a good system it will not take as much effort to maintain an accurate account of our finances.
Here is our financial situation at the start of 2007.
Things to note about our starting point:
- Nothing fancy about our allocation. The cash accounts are in the usual online savings at a competitive rate. The majority of this was the balance from my car sale in December. Most of this will be used to pay off my credit card debt when it comes due.
- Our portfolio is total unbalanced and unmanaged at this time. It is 100% stocks and I have no idea if it is large cap, international etc…. This is close to the top of my list of things we need to get organized for 2007. If there were any correction in the markets we are totally exposed at this time.
- Our student loan debt is equal to a small(depending on where you live) mortgage. The majority of my debt is in deferment and we are not making payments on it at this time. Our current student loan payments are only 3% of our monthly income and very manageable.
It will likely be at least one more month before we have a good idea of what we would like to change with our portfolio. I still need to contribute for last year’s(2006) Roth before April and will put this money into something to help diversify our accounts. Because we are still so far out from retirement (35+ years) I may just shuffle our mutual funds to a more balanced allocation.
What were those resolutions again?
